Light economic calendar means dollar will continue to languish
The weak bounce in the US dollar on Monday was a tell that buyers just weren't interested.
Now the dollar is at new long-term lows against the commodity currencies and euro. The one thing that can save the US dollar is economic data but unfortunately the calendar is bare today and it doesn't get much better until the final few days of the month.
There are a couple things on the agenda today. First, at the bottom of the hour is the June report on import/export prices. Despite the focus on inflation, this report is too low on the totem pole to get things moving.
At 1400 GMT (10 am ET), the July NAHB housing market index is up. Housing has been up-and-down this year but builders are optimistic. The consensus is for no change from 67 reading in June, but even if there is a jolt in the data, the market will ignore it.
Keep an eye on Washington.
